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Supports: 124.04; 123.47; 123.11
Outlook
The downtrend, which started yesterday, managed to continue today, and now the GBP/JPY currency pair declines even more, heading towards the weekly PP at 124.04, which is very likely to slow down the downtrend. In case it fails to stop the bearish tendency, then next support at 123.47 (55-day SMA) is very likely to bring some bullish impulse. In addition, RSI indicator remains neutral, therefore the currency couple is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
SWFX market participants maintain neutral position regarding the GBP/JPY currency pair, since 52% of traders hold bullish positions and 48% of traders hold bearish positions. The orders are distributed in a bit different manner, as 38% of traders ordered to sell and 62% ordered to buy the British Pound, therefore anticipating that it will gain value against the Japanese Yen.